Bank of India personal loans are great solutions for those who are in need of immediate cash. The loan amount can be used to meet a variety of expenses such as wedding costs, medical expenses, education expenses, etc. With interest rates starting from 10.85% p.a. Bank of India personal loans come with repayment tenures ranging from 12 months to 60 months. The maximum amount you can borrow through a Bank of India personal loan is Rs.10 lakh.
| Particulars | Rate of interest (p.a.) |
|---|---|
| Fully secured personal loan | 1 year MCLR + 4.50% = 11.85% p.a. |
| Clean or unsecured personal loan | 1 year MCLR + 5.50% = 12.85% |
| Personal loan for senior citizens aged 60 years and above for loans up to Rs.50,000 | 1 year MCLR + 3.5% = 10.85% |
| For financing secured under tie-up arrangements | 1 year MCLR + 4.50% = 11.85% p.a. |
| Processing fee | 2% of loan amount with the minimum being Rs.1,000 and the maximum being Rs.10,000 along with applicable service tax. For senior citizens no processing fee would be charged |
*Note: The one-year MCLR is 7.35%
• The processing fee is a one-time processing fee.
The personal loan product offered by the bank is known as BOI Star Personal Loan. It is provided to customers under the retail loan segment. This loan is given for funding wedding arrangement expenses, education plans, medical treatment expenses, buying of consumer durables, and so on.
• The maximum loan quantum offered by this loan is Rs.10 lakh. The loan quantum provided to an applicant will be determined by his or her income.
• It is offered as term loan or a demand loan or an overdraft. It can be reduced according to the repayment schedule.
• There is an overdraft limit with a maximum of up to Rs.1 lakh which will be given to confirmed employees working with the state or central government or with a PSU or with a well-recognised corporate entity.
• You can choose a secured loan or a clean/unsecured loan from Bank of India.
• BOI clean or unsecured loans are offered for the purpose of meeting wedding expenditures, education expenses, home renovation, medical treatment expenditures, or any other personal expenditures that are genuine in nature.
• BOI secured loans are offered for repaying prevailing home loans from other banks or financial institutions; for home renovation, home extension; for buying computers, electronic appliances, professional equipment; for funding education expenditures of self or spouse.
| Particulars | BOI Clean or Unsecured Loans | BOI Secured Loans |
| Minimum loan amount | Metro and urban centres: Rs.10,000 Rural and semi-urban centres: No minimum loan size | Metro and urban centres: Rs.10,000 Rural and semi-urban centres: No minimum loan size |
| Maximum loan amount | Rs.5 lakh | Rs.10 lakh |
| Quantum of advance | For salaried employees: 10 times of monthly net take-home income For individuals or professionals of high net worth: 50% of gross annual income according to the last income tax returns | For salaried employees: 20 times of monthly gross emoluments For individuals or professionals of high net worth: 100% of gross average annual income according to income tax returns for the last 3 years |
| Repayment | Within 36 EMIs with effect from 1 month after the first disbursement | Within 60 EMIs with effect from 1 month after the first disbursement |
| Security | Legal or equitable mortgage of residential or commercial spaces. A hypothecation charge will be levied on the assets. Collateral or security such as assignment of LIC policies; bonds; pledging of gold or gold jewellery; relief bonds; NSC/Indira Vikas Patra; etc. | |
While setting the loan limit for BOI Personal Loan, one should make certain that the net take-home income is at least 40% of the gross income of the loan applicant.
| Tenure | MCLR |
|---|---|
| Overnight MCLR | 6.70% |
| 1-month MCLR | 7.20% |
| 3-month MCLR | 7.25% |
| 6-month MCLR | 7.30% |
| 1-year MCLR | 7.35% |
| 3-year MCLR | 7.80% |
These MCLR rates have been effective from 1 February 2021.
The eligibility criteria for Bank of India Personal Loan is given below.
• The applicant must be an Indian resident and must be over 18 years of age.
• Professionals, salaried employees, regular pensioners, high net worth individuals, family pensioners drawing monthly pension from bank branch, retired employees and staff members of BOI are eligible to apply for Bank of India Star Personal Loan.
• The applicant must have a regular source of Income and must have a good credit score.
BOI Star Personal Loan Scheme is loaded with an array of advantages that will benefit the borrower immensely. Here are some of the reasons that make Bank of India personal loans one of the most sought-after credit product in the financial market.
• Multipurpose Loan
Bank of India Personal Loan can be used for a variety of purposes including marriage expenses, educational expenses, and medical expenses and for purchase of consumer durables.
• Attractive Rate of Interest
Bank of India offers a very competitive interest rate for personal loans. The rate of interest is decided based on if you are taking an unsecured or a secured personal loans.
• Impeccable Customer Service
Bank of India extends a customer service helpline through with customers and borrowers can get all their queries answered. Customers can also visit the nearest physical branch to get more information on a particular product.
1. What kind of personal loans does Bank of India offer?
Bank of India offers a mixture of both secure and unsecured personal loans. Secure personal loans are granted against some security or collateral while unsecured personal loans do not require any collateral.
2. What is the main aim of Bank of India personal loan?
The main aim of Bank of India personal loan is to grant finance for personal expenditures including expenses such as wedding expense, vacation expense, education fee and more. It is important that the borrower use the loan amount for legal purposes no matter what the expenditure is.
3. What is the type of advance granted by Bank of India?
Bank of India offers Demand/Term Overdraft/Loan are the types of advances offered under the scheme.
4. What are the eligibility criteria for the personal loan?
The applicant must be a resident of Indian and earning income to be eligible for the loan. Salaried employees, Professionals and individuals with high net worth, pensioners drawing regular monthly pension through one of the Branches of the bank, Staff members, and retired employees are eligible for the personal loan scheme.
5. How can one apply for the bank of india loan?
One can apply for the loan by visiting a branch of the bank or they can apply online through the banks official website or through a third party financial website that will process the application without any hassle.
6. Why should one choose Bank of India personal loan?
Bank of India offers a choice of secured and unsecured personal loans for a low rate of interest. The bank also offers a long tenure with an overdraft facility for its personal loan which is an added advantage.
7. What is the maximum amount granted in boi bank?
The maximum loan amount granted for personal loans ranges from Rs.5 lakh to Rs.10 lakh depending on the kind of loan chosen.
8. What is the quantum of advance for salaried employees?
Ten times the take home salary is the quantum of advance offered for salaries employees under the personal loan scheme by Bank of India.
9. How can one check the instalment amount for personal loan?
One can easily check the personal loan installment amount by providing a few details with the help of a personal loan installment calculator available on many third party financial websites.
10. Does the bank offer Overdraft Facility?
Yes, the bank offers overdraft facility with an overdraft limit of maximum up to Rs.1 lakh rupees.
11. How do I check the status of my Bank of India personal loan?
You can check the status of your personal loan from Bank of India by visiting the official website of the bank. You will just need to enter your application number and your mobile number to track the status of your personal loan application.
12. How do I get in touch with the customer care of Bank of India?
For any queries or grievances related to personal loan, you can contact Bank of India customer care at the toll-free numbers 1800-220-229 and 1800-103-1906. Both these toll-free numbers are available 24/7. You can also call the number 022-40919191 for your personal loan queries but the number will be chargeable.
| Interest Rate | 11.60% |
| Loan Tenure | 60 months |
| Pre Closure Charges | Nil |
| Guarantor Requirement | Yes |
Andhra Bank is a leading public-sector bank in India that provides excellent financial solutions to individuals across the nation. Whether you are looking for a loan, a debit card, a deposit, or any other banking product, you can approach Andhra Bank to get a tailor-made banking product. If you are interested in taking a personal loan, you can reach out to Andhra Bank for reliable personal loan products. The bank charges affordable and competitive interest rates. If you have a stable source of income, your loan application will get accepted by Andhra Bank easily.
Andhra Bank offers 2 types of personal loans and they include Consumer Loans and Clean Loans.
These loans are provided to individuals who want funds for buying consumer durables and household appliances.
Features
• This loan can be repaid through equal monthly installments within a period of 60 months.
• As security, you will need to purchase hypothecation of the article with the bank’s finance.
• For co-obligation, while applying for the loan, you can take help from your father, husband, or any third party who earns an adequate income.
• For collateral or security, an applicant can give life insurance policy with equal surrender value. You may also pledge NSCs, shares, and other units.
• The maximum loan amount provided for this product is the pension amount for 4 months for pensioners, gross salary for 10 months for salaried employees, and 40% of gross annual income for non-salaried individuals OR 75% cost of the article, whichever is lesser.
Eligibility criteria
• You can apply for an Andhra Bank Consumer Loan if:
• You are a salaried employee.
• You have proper repayment ability.
• You are a pensioner who gets pension from an Andhra Bank branch.
These are cash loans that are offered to anybody who needs funds for various purposes.
Features
• For this loan product, you do not have to pay any prepayment charge.
• For co-obligation, any reliable third party can be arranged. The applicant can choose any nominee or family pensioner for co-obligation. If the applicant is an LIC agent, the applicant’s spouse or any 1 family member and 1 LIC agent can apply for co-obligation.
• You can repay this loan through equal monthly installments within 60 months.
• The maximum age criterion to apply for this loan is 55 years.
• The loan quantum varies for different aspects:
• If you are a non-salaried pensioner, your loan quantum will be 2 times average your yearly proven income.
• If you are an LIC agent and an income tax assessee, your loan quantum will be 2 times the average renewal commission for the last 3 years with a maximum of Rs.2 lakh.
• If you are an LIC agent and not an income tax assessee, your loan quantum will be 50% the average renewal commission as per a statement of income for the last 3 years with a maximum of Rs.2 lakh.
• When your take-home pay is taken into consideration, your loan amount will not be lesser than 40% of your gross salary after all deductions with the repayment installment.
Loan tenure | For central and state government employees, public sector undertakings who have a salary account with Andhra Bank | For non-salaried individuals, private employees, LIC agents, etc. |
|---|---|---|
| Up to 36 months | MCLR (for 1 year) + 2.85% | MCLR (for 1 year) + 3.35% |
| More than 36 months | MCLR (for 1 year) + 3.10% | MCLR (for 1 year) + 4.35% |
| Loan tenure | For central and state government employees, public sector undertakings who have a salary account with Andhra Bank | For non-salaried individuals, private employees, LIC agents, etc. |
|---|---|---|
| Up to 36 months | MCLR (for 1 year) + 3.00% | MCLR (for 1 year) + 3.50% |
| More than 36 months | MCLR (for 1 year) + 3.25% | MCLR (for 1 year) + 4.50% |
| Tenure | MCLR |
|---|---|
| Overnight | 8.10% |
| 1 month | 8.15% |
| 3 months | 8.20% |
| 6 months | 8.30% |
| 1 year | 8.40% |
The MCLR has been effective from 16 October 2017 for the various tenures mentioned above.
The Base Rate for Andhra Bank loans is 9.55% p.a. which is effective from 1 October 2017.
The BMPLR (Benchmark Prime Lending Rate) of Andhra Bank is 13.95% p.a. with effect from 1 October 2017.
Andhra Bank personal loans are offered to individuals who fulfil the following requirements-
• Individuals that possess the capacity to repay the loan
• Individuals who have a regular source of income
• Individuals who are salaried employees
• Pensioners who draw their pension from one of the Andhra Bank branches
In order to access the Banzila EMI calculator, all you have to do is log onto Banzila’s homepage and hover your mouse over the ‘Finance Tools’ tab located on the toolbar which will result in the appearance of two options. The options will be EMI Calculator and Finance Calculator.
Once you click on the EMI Calculator option, the tab will lead you to three options, which are, Car Loan, Home Loan and Personal Loan.
Since you are looking to calculate your personal loan monthly EMI instalments, click on the Personal Loan tab. Upon clicking the Personal Loan tab, the page will automatically get redirected to the Banzila’s personal loan EMI calculator.
The EMI calculator is an easy to use tool that makes calculating EMI one of the easiest tasks to perform on the web.
You can now see the available tabs and once you fill in the relevant information, you will get your monthly instalments of EMI on your personal loan. Simple, effective and easy.
In order to use the EMI calculator on the Banzila webpage, you have to just add your loan amount, loan tenure to the relevant slots. Once you key in the Andhra Bank personal loan interest rate assigned to you and any processing fee if applicable, the EMI calculator will furnish you with all the details regarding the Andhra Bank personal loan that you desire.
The EMI calculator on the Banzila page is supplemented with an amortization table that allows you to understand how your monthly EMI instalment is divided between the principal loan and the interest amount on a per year basis.
The EMI calculator shows you the break-up of the total amount payable by you in a neat and easy to understand pie chart
There are numerous reasons why Andhra Bank personal loans are the perfect solution to all loan takers’ problems. Here’s a list of a few of those reasons-
• Any creditworthy third party with a regular source of income can act as a co-obligation entity.
• In case of pensioners, a nominee or family pensioner can act as the co-obligation entity.
• If the borrower is an LIC agent then his/her spouse or family member and one other LIC agent can act as the co-obligation.
• Articles purchased are hypothecated to Andhra Bank.
• Collateral security includes assigning of a life insurance policy with an equal amount of surrender value as well as pledges of NSCs, shares, units etc. that have an adequate value.
1.How to check Andhra Bank Personal loan status?
You can track your andhra bank personal loan status online on the Andhra Bank website. You would need to enter your application reference number to track the status.
2.How to contact Andhra Bank Personal loan customer care?
You can contact Andhra Bank personal loan customer care through the following ways:
• Call the toll-free number 1800 425 1515 (between 10 am to 5 pm on all working days except the second and fourth Saturday).
• Call the numbers: 040-23234313, 040-23252000, with extension numbers 2422, 2577 (these are chargeable).
• Email the bank at customerser@andhrabank.co.in
1.Write to the bank at: Sri Ch. Srinivasa Sastry
General Manager
Nodal Officer for Customer Service, Andhra Bank
Dr. Pattabhi Bhavan
5-9-11, Saifabad
Hyderabad-500 004
Telangana
3. I am a salaried employee of one of India’s leading MNC, looking for a personal loan. What is the maximum amount that I can borrow?
Salaried employees are offered an Andhra Bank personal loan under the category of Consumer Loans. Following are the terms and conditions for the maximum borrowing amount allowed –
Salaried Classes
Fresh Finance
In these cases borrowers apply for an Andhra Bank personal loan for the first time.
A Fresh Finance is divided into two categories.
• Salary routed through Andhra Bank
• Salary routed through other banks
| Salary route | Maximum Principal Loan Amount Allowed |
| Andhra Bank | 8 months gross salary or Rs.1,00,000. Whichever is lesser |
| Other Banks | 10 months gross salary or Rs.1,00,000. Whichever is lesser |
*Gross salary is an individual’s total personal income before taking taxes or deductions into account. Repeat Finance
Repeat finance is the case in which the loan applicant has borrowed before. In case of repeat finance, the maximum amount that can be availed through an Andhra Bank personal loan scheme is, 10 times the gross monthly salary of the loan applicant. This amount is subject to two precursory conditions:
• The maximum loan amount is of Rs.1,50,000
• The applicant’s take-home pay should not be less than 40%
*Net salary is the salary which is left after deducting tax and National Insurance contributions *Take Home pay is the amount of net salary that the applicant takes home after deducting the payment instalment for the proposed loan
4. I would like to expand my existing self-owned business. What is the maximum principal loan amount that I can expect Andhra Bank to sanction?Maximum loan granted to non-salaried individuals or individuals that are self-employed is 40% of the gross annual income or Rs.10,00,000, whichever is lesser.
5. I am a pensioner, what is the maximum amount that I can borrow under the personal loan scheme?Andhra Bank personal loan scheme grants pensioners with the maximum loan amount as- 4 months of pension amount or 75% cost of the article, whichever is lesser.
6. I have applied for a personal loan. How many days will it take to process my loan?
Andhra Bank personal loan is processed in 4 days.
7. I am thinking of applying for an Andhra Bank personal loan. What is the maximum length of a loan tenure?
Andhra Bank personal loans are offered for a minimum tenure of 12 months and a maximum tenure of 60 months.
8. Where can I apply for a personal loan?
You can avail an Andhra Bank personal loan from any of the Andhra Bank branches across India. You can also apply for a personal loan at any of the specialised retail credit branches around India.
9. My spouse and I would like to apply for a personal loan. Is that possible?
Yes, you and your spouse can apply for an Andhra Bank personal loan jointly. In fact, your spouse’s income can also be added to yours for eligibility purposes.
10. I am looking for a personal loan, what security do I need to provide in order to avail one?
In order to avail an Andhra Bank personal loan, you do not have to put up any kind of security.
11. How do I calculate my EMI?
EMIs can be easily calculated using the EMI calculator located on the Bankzila homepage by inserting your principal loan amount, the tenure of your loan, the interest rate you are being charged and any processing fee that is applicable.
12. What kind of additional charges will I be faced with when I apply for a personal loan?
Andhra Bank charges a nominal sum as processing fee at the time of application of a personal loan. At the end of every quarter, administrative charges are collected.
13. Where can I pay my personal loan EMIs?
You can repay your personal loan EMIs at any of the branches of Andhra bank. Alternatively, you can also instruct Andhra Bank to deduct the EMI amount from your savings account on a monthly basis.
14. I would like to pay my monthly instalments in advance. Can I do so?
Yes, it is possible to pay your monthly instalments in advance. It is beneficial to do so as the interest component gets reduced depending on the extent of the amount repaid.
15. I would like to close my loan account before the stipulated tenure. Will this result in any charges being levied?
No, there are no extra charges levied in the event of pre-closure of loan accounts as long as all outstanding dues are cleared.
16. What is the nature of the interest charged?
The Andhra Bank Personal Loan interest rate is charged based on Andhra Bank’s Base Rate which is subject to periodical updates. Floating interest is charged on Andhra Bank personal loans.
17. How do I apply for a Personal Loan?
Customers may apply for personal loan either directly from any branch of the bank or from specialised Retail Credit Branches. The loan application will have to be filled in and submitted to the bank, and your eligibility for the facility will be at the sole discretion of the bank.
18. What are the reasons for which a Personal loan from Andhra Bank can be availed?
Personal loans from Andhra Bank are available to customers who wish to borrow funds to fund personal expenses such as wedding, educational requirements, home improvement, capital for meeting daily expenses, etc.
19. Will the bank accept a joint loan application with my spouse?
Customers can choose to avail loans on a joint basis along with their spouse and the income of the spouse will also be taken into consideration when determining the terms and conditions for your loan.
20. How do I know how much money I must pay towards EMI?
EMI, or Equated Monthly Instalments as they are known as in their extended form comprise of interest and principal. The best way to figure out how much money you will be required to pay each month is to use the EMI calculator on the bank’s official website. Doing so will educate you on the amount you will have to pay on a monthly basis, the repayment period, and the interest you will be paying on the loan.
21. How is interest calculated on a personal loan from Andhra Bank?
The rate of interest offered by Andhra Bank is usually floating and linked to the bank’s Base Rate which undergoes changes on a periodic basis. Interest is charged on daily reducing balances, this reducing the effective interest rate to a significant extent.
22. Are additional charges applicable to the personal loan?
Personal loans from Andhra Bank come with nominal processing fees that must be paid upfront when the loan is being sanctioned. Administrative charges are also applicable to personal loans from Andhra Bank and must be paid at the end of each quarter.
23. How do I make repayments towards the loan?
The payment of EMIs can either be done at any branch of Andhra Bank, or the customer can choose to provide the bank with standard instructions to deduct the instalments from your savings account.
24. Is it possible to make prepayment of my EMIs and close the loan well before the due date?
Prepayment of loans can be done based on the interests of the borrower. As you keep repaying the loan, the interest component will reduce depending on how much you have repaid. The loan can be cleared well before the due date if customers can manage to do so, and prepayment can be done without the levy of any additional charges.
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